Lee & Associates New Jersey arranged four investment sales transactions involving two properties in Morristown and Chatham, according to a Tuesday announcement. In both transactions, the brokerage assisted two active developers in repositioning the properties for sale based on accelerating market conditions and by obtaining development approvals.
Senior Vice President Doug Gaffney represented the seller, local developer S-D Development, in a December sale of 79 Maple Ave. in Morristown for $1.7 million. Gaffney had previously represented the developer in the 2020 acquisition of the property and assisted the client in obtaining approvals for a 10,000-square-foot mixed-use building. The previous acquisition price was $885,000.
Additionally, Gaffney and associate Joe Komitor coordinated the sale of 19 Center St. in Chatham for over $1.5 million. The property is a 5,500-square-foot office/medical building that was owned by N&K Properties. Following capital improvements to the property, Lee’s client was interested in leasing out the empty office space, but ultimately chose to sell the building to a growing financial firm looking to occupy the facility. The building was previously acquired by N&K in 2020 for below $1 million.
79 Maple Ave. has been acquired by the Emerson Group, a Pennsylvania-based pharmaceutical marketing firm that will be occupy the new building, under construction, for its regional office.
“I am thrilled to have represented S-D Development in acquiring the property in early 2020 and assisting them in obtaining approvals for a first-class mixed use office building. Maple Avenue is arguably one of the nicest streets in Morristown, with abundant amenities nearby and surrounded by beautifully restored, historic homes dating back to the 1800s. Significant profit was created through the developer’s efforts in working with the town on the overall design,” Gaffney said. “A new, state-of-the-art 10,000-square-foot building will continue Morristown’s momentum as a burgeoning live-work-play destination and serve as a perfect hub for Emerson’s growing business.”
19 Center St. has been acquired by a financial advisory firm, which will use the 5,500-square-foot property as its corporate office. Jordan Baris Commercial Realtors represented the buyer.